A smart lock is an electro-mechanical lock. It is designed for performing locking and unlocking operations on a door on receiving such instructions from an authorized device. The instructions are provided using a wireless protocol and a cryptographic key for executing the authorization process. In addition, it monitors access and sends alerts for the different events it monitors and some other critical events regarding the status of the device. Smart locks can be considered as a part of a smart home. In a simple way, smart locks integrate sensors and integrated circuits (ICs) that are designed for locking and unlocking doors and systems via signals that are received from an authorized device in digital key form.

The factors that are contributing significantly to the growth of global smart locks market includes safety concern coupled with increasing crime rates globally; high penetration of smartphones and other connected devices, rising demand for smart home services and development of smart cities; benefits offered by the smart lock systems such as enabling users to grant access to their locks directly from their phones and convenience of automatically unlocking door without having to reach for keys. In addition, increasing urbanization demanding for better and safe infrastructure is another driving factor for the growth of the global market. There are some privacy and security issues that hinders the growth of the market. However, growth in IoT market holds huge opportunity in the global smart lock market.

The smart locks market can be segmented on the basis of type, application and communication protocol. Based on the type, the smart locks market is bifurcated as padlocks, lever handles, deadbolts and others (rim latch lock and knob lock). On the basis of application, the smart lock market is sub-divided as residential, government and commercial. And as per communication protocol, the market is diversified as Bluetooth, wi-fi and others. Among the various applications, the residential segment is expected to hold the major share and is projected to be dominating in global smart lock market owing to the high adoption of and increasing demand for smart home services.

The global smart locks market is further analyzed on the basis of the geographical regions that are contributing significantly towards the growth of the market. The regions analyzed in the report involve North America, Europe, APAC and Rest of the World. The North America is expected to be dominating in the smart locks market owing to the presence of well-established technological infrastructure. In addition, investment from various IoT players in the region is another factor responsible for the regional growth. Europe is another significant market and holds a considerable market share in the global smart locks market.

Some of the players operating in the global smart locks market are Assa Abloy, Candy House Inc., Advent Security Services Pty Ltd, UniKey Technologies Inc., and several others. In order to sustain in the competitive market, these players adopt various strategies such as merger & acquisitions, expansions, joint ventures and product development and partnership and collaboration. For an instance, Assa Abloy in October 2017 has acquired August Home.

Research Methodology

The market study of smart locks market is incorporated by extensive primary and secondary research conducted by research team at OMR. Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report country level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders and industry experts. Primary research brings the authenticity in our reports.

Secondary sources include:

Financial reports of companies involved in the market
Whitepapers, research-papers, and news blogs
Company websites and their product catalogue
Supplier Websites such as Alibaba, amazon for pricing analysis
The report is intended for drug manufacturers, healthcare provider, government organizations for overall market analysis, and competitive analysis. The report provides in-depth analysis on pricing, market size, intended quality of the product preferred by consumers, initial norms and vehicle segment. The report will serve as a source for 360-degree analysis of the market thoroughly integrating different models such as PEST analysis, Porter five analysis delivering insights into the market for better business decisions.

Market Segmentation:

Global Smart locks market is segmented on the basis of regional outlook and following segments:

Global Smart locks Market Research and Analysis, By Type
Global Smart locks Market Research and Analysis, By Application
Global Smart locks Market Research and Analysis, By Communication Protocol
Global Smart locks Market Research and Analysis, By Region
The Report covers:

Comprehensive research methodology of global smart locks
This report also includes detailed and extensive market overview with key analyst insights.
Exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
Analysis of regional regulations and other government policies impacting the global smart locks market.
Insights about market determinants which are stimulating the global smart locks market.
Detailed and extensive market segments with regional distribution of forecasted revenues.
Extensive profiles and recent developments of market players.